Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives $23.83 Average PT from Analysts

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have received a consensus rating of “Hold” from the five research firms that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $23.8333.

Several equities research analysts recently commented on HNVR shares. Zacks Research raised Hanover Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, September 22nd. Hovde Group assumed coverage on shares of Hanover Bancorp in a report on Wednesday, August 13th. They issued a “market perform” rating and a $24.00 price objective for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Hanover Bancorp in a report on Wednesday, October 8th. Piper Sandler decreased their price objective on shares of Hanover Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. Finally, Stephens decreased their price target on Hanover Bancorp from $23.50 to $22.50 and set an “equal weight” rating for the company in a research note on Tuesday, July 29th.

Institutional Investors Weigh In On Hanover Bancorp

A number of large investors have recently added to or reduced their stakes in HNVR. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Hanover Bancorp during the 2nd quarter worth $30,000. Bank of America Corp DE boosted its holdings in Hanover Bancorp by 3,744.7% during the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after acquiring an additional 1,423 shares during the period. Strs Ohio bought a new stake in Hanover Bancorp during the third quarter valued at about $36,000. JPMorgan Chase & Co. bought a new stake in Hanover Bancorp during the second quarter valued at about $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Hanover Bancorp during the second quarter valued at about $59,000. Institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Stock Performance

Shares of NASDAQ HNVR opened at $21.38 on Tuesday. The business’s 50-day moving average price is $22.05 and its two-hundred day moving average price is $22.15. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03. Hanover Bancorp has a one year low of $18.31 and a one year high of $27.14. The company has a market capitalization of $154.36 million, a P/E ratio of 14.07 and a beta of 0.06.

Hanover Bancorp (NASDAQ:HNVR) last issued its earnings results on Thursday, September 4th. The company reported $0.33 EPS for the quarter. The firm had revenue of $18.36 million for the quarter. Hanover Bancorp had a return on equity of 7.24% and a net margin of 7.82%. Analysts anticipate that Hanover Bancorp will post 2.38 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. Hanover Bancorp’s dividend payout ratio is presently 26.32%.

About Hanover Bancorp

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.